The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning to bank compliance officers in the South-East.
He urged them to remain professional “gatekeepers” and resist the temptation to facilitate criminal activities.
Speaking during a sensitization programme in Enugu, Olukoyede cautioned that compliance officers who deliberately sabotage investigations or tip off customers would face the full wrath of the law.
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Olukoyede, represented by the Enugu Zonal Director, CE Daniel Isei, emphasized that the commission would no longer tolerate excuses for operational lapses.
He addressed the issue of accounts operating without a Bank Verification Number (BVN).
“We have seen all sorts of excuses—blaming NIBSS (Nigeria Inter-Bank Settlement System) for a lack of connection,” Olukoyede remarked.
“As Compliance Officers, your job is to stand your ground and ensure operations align with anti-money laundering measures. We are not going to allow cases of willful blindness to go unpunished.”
Olukoyede condemned the practice of “tipping off” customers—where bankers alert individuals that the EFCC has requested a Place No Debit (PND) on their accounts.
He described this act as criminal sabotage to national security efforts.
Key warnings issued to bankers included a caution against falling into the so-called “prime customer” trap, with officers advised not to shield high-deposit customers who were already under investigation.
They were also reminded of the intelligence gap, noting that bankers often lacked the full context of investigations, which could involve the National Security Adviser or international watchlists maintained by the United Nations.
In addition, bankers were warned of their duty of confidentiality, stressing that once a Letter of Investigation was received, the bank’s responsibility was to promptly provide the required information without alerting the suspect.
Olukoyede commended the banking sector for its role in Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list in October 2025.
However, he stressed that maintaining this status requires constant vigilance and strict adherence to Know Your Customer (KYC) and Customer Due Diligence protocols.
The EFCC expects compliance officers to respond promptly to Letters of Investigation, warning that failure to do so could result in regulatory sanctions and reputational damage to affected banks.
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It also requires banks to ensure that all accounts are properly linked to Bank Verification Numbers (BVN), as non-compliance may lead to prosecution for what it describes as “wilful blindness”.
The commission further insists on total confidentiality during Post-No-Debit (PND) requests, cautioning that breaches could attract charges of criminal sabotage and pose threats to national security.
In addition, the EFCC mandates rigorous customer due diligence, noting that lapses could contribute to Nigeria being re-listed on the Financial Action Task Force (FATF) grey list.
The one-day programme concluded with a call for stronger synergy between financial institutions and the EFCC to rid the South-East region of economic and financial crimes.
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